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Australian (ASX) Gold Industry Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies153
  • 7D9.5%
  • 3M-7.5%
  • 1Y54.8%
  • YTDn/a

Over the last 7 days, the Gold industry has risen 9.5%, driven by gains from Northern Star Resources of 18%. During this same period, the Dateline Resources underperformed, falling 11%. In the last 12 months, the industry was up 55%. Earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026AU$151.3bAU$32.3bAU$6.6b15.3x22.8x4.7x
Tue, 03 Mar 2026AU$193.4bAU$31.1bAU$6.1b28x31.6x6.2x
Thu, 29 Jan 2026AU$192.0bAU$26.3bAU$4.6b31.1x42.2x7.3x
Sat, 27 Dec 2025AU$167.5bAU$26.4bAU$4.6b28.4x36.6x6.3x
Mon, 24 Nov 2025AU$141.5bAU$26.5bAU$4.6b23.4x30.9x5.3x
Wed, 22 Oct 2025AU$151.0bAU$26.4bAU$4.6b25x32.9x5.7x
Fri, 19 Sep 2025AU$125.5bAU$26.8bAU$4.8b18.1x26x4.7x
Sun, 17 Aug 2025AU$106.3bAU$22.8bAU$3.4b18.5x31x4.7x
Tue, 15 Jul 2025AU$98.6bAU$22.2bAU$3.1b17.7x31.8x4.4x
Thu, 12 Jun 2025AU$105.0bAU$22.3bAU$3.1b20.7x34x4.7x
Sat, 10 May 2025AU$97.2bAU$22.2bAU$3.0b18x32.2x4.4x
Mon, 07 Apr 2025AU$85.8bAU$22.3bAU$3.1b17.2x28x3.8x
Wed, 05 Mar 2025AU$77.5bAU$22.0bAU$2.9b17.8x26.3x3.5x
Fri, 31 Jan 2025AU$77.7bAU$18.7bAU$1.8b20.5x42.5x4.2x
Sun, 29 Dec 2024AU$70.5bAU$18.7bAU$1.8b20.8x38.2x3.8x
Tue, 26 Nov 2024AU$73.2bAU$18.6bAU$1.8b19.6x40.5x3.9x
Thu, 24 Oct 2024AU$78.9bAU$18.4bAU$1.8b25.3x44x4.3x
Sat, 21 Sep 2024AU$68.2bAU$18.3bAU$1.8b20.7x38.1x3.7x
Mon, 19 Aug 2024AU$62.4bAU$16.8bAU$1.4b21.5x45.9x3.7x
Wed, 17 Jul 2024AU$61.2bAU$16.0bAU$1.1b23.6x57.1x3.8x
Fri, 14 Jun 2024AU$56.9bAU$16.9bAU$1.2b20.9x48.2x3.4x
Sun, 12 May 2024AU$58.6bAU$17.1bAU$1.2b21.9x49.3x3.4x
Tue, 09 Apr 2024AU$59.1bAU$17.1bAU$1.2b21.6x49.6x3.4x
Thu, 07 Mar 2024AU$53.0bAU$16.5bAU$1.2b18.3x45x3.2x
Sat, 03 Feb 2024AU$73.9bAU$22.9bAU$1.3b20.5x55.1x3.2x
Mon, 01 Jan 2024AU$76.6bAU$22.9bAU$1.3b26.1x57x3.3x
Wed, 29 Nov 2023AU$72.9bAU$22.9bAU$1.4b22.6x54x3.2x
Fri, 27 Oct 2023AU$69.6bAU$23.1bAU$1.4b22.7x50.5x3x
Sun, 24 Sep 2023AU$70.0bAU$22.9bAU$1.3b20.6x56x3.1x
Tue, 22 Aug 2023AU$65.7bAU$22.4bAU$291.1m16.9x225.7x2.9x
Thu, 20 Jul 2023AU$73.9bAU$22.2bAU$532.0m18.3x139x3.3x
Sat, 17 Jun 2023AU$70.4bAU$22.1bAU$540.7m17.4x130.2x3.2x
Mon, 15 May 2023AU$74.2bAU$22.3bAU$582.5m19.1x127.4x3.3x
Wed, 12 Apr 2023AU$76.6bAU$22.3bAU$572.5m18.2x133.9x3.4x
Price to Earnings Ratio

133.9x


Total Market Cap: AU$76.6bTotal Earnings: AU$572.5mTotal Revenue: AU$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 58.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 22.8x which is lower than its 3-year average PE of 58.6x.
  • The 3-year average PS ratio of 4.0x is lower than the industry's current PS ratio of 4.7x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 126% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market0.63%
Materials2.89%
Metals and Mining2.98%
Gold9.50%
Precious Metals and Minerals2.70%
Copper2.48%
Aluminum1.53%
Silver1.52%
Diversified Metals and Mining1.49%
Steel-0.53%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NST Northern Star ResourcesAU$21.9118.1%
+AU$4.8b		16.2%PE20.2x
GGP Greatland ResourcesAU$12.8531.7%
+AU$2.1b		n/aPE13.4x
EVN Evolution MiningAU$13.024.5%
+AU$1.1b		86.3%PE19.9x
WGX Westgold ResourcesAU$6.0110.9%
+AU$556.8m		109.4%PE22.4x
PRU Perseus MiningAU$5.286.9%
+AU$450.9m		62.5%PE13.7x

Latest News

WGX
AU$6.01
Westgold Resources
7D
10.9%
1Y
109.4%

WGX: Expansion Decision And Index Inclusion Will Support Future Re Rating

Analysts have raised their price target for Westgold Resources to A$8.91 from A$3.76, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E that together change the assessment of the stock’s fair value. What's in the News Board approves Final Investment Decision to expand the Higginsville Processing Hub from 1.6 Mtpa to a nominal 2.6 Mtpa, following a Definitive Feasibility Study with capital and operating cost accuracy in the range of 5% to 15% (company announcement).
NST
AU$21.91
Northern Star Resources
7D
18.1%
1Y
16.2%

NST: Higher Long Term Gold Pricing Is Expected To Support Upside

Analysts lifted their price target for Northern Star Resources to A$35 from A$30, citing updated long-term commodity price assumptions for gold and other metals as the main reason for the change. Analyst Commentary Recent research points to revised long term commodity price assumptions for gold and other metals as a key driver behind the higher A$35 price target for Northern Star Resources, compared with the prior A$30 level.
DTR
AU$0.41
Dateline Resources
7D
-11.0%
1Y
6,650.0%
EM3
AU$0.18
EMC Gold
7D
-29.4%
1Y
195.1%

EMC Gold (ASX:EM3) Is In A Strong Position To Grow Its Business

Mar 31
EMC Gold (ASX:EM3) Is In A Strong Position To Grow Its Business
RRL
AU$6.72
Regis Resources
7D
7.3%
1Y
65.5%

RRL: Index Changes And Margin Outlook Will Likely Support Fair Pricing

Analysts have lifted their price target on Regis Resources from A$5.15 to A$7.00. This change reflects updated assumptions that include a different discount rate, revised revenue growth, higher profit margin expectations and a lower future P/E multiple.
PRU
AU$5.28
Perseus Mining
7D
6.9%
1Y
62.5%

PRU: Execution Risks Will Likely Restrain Upside Despite Higher Margin Outlook

Analysts have lifted their fair value estimate for Perseus Mining from about A$3.41 to around A$3.68. This reflects updated views on discount rates, revenue growth, profit margins and future P/E assumptions following mixed recent research, including an upgrade to Outperform with a A$6.70 price target and a separate downgrade.
GGP
AU$12.85
Greatland Resources
7D
31.7%
1Y
n/a
FXG
AU$0.25
Felix Gold
7D
-13.8%
1Y
85.2%
EVN
AU$13.02
Evolution Mining
7D
4.5%
1Y
86.3%

EVN: Higher Commodity Decks Will Likely Support Repriced Earnings Power

Analysts have lifted the fair value estimate for Evolution Mining from A$13.17 to A$13.91, reflecting higher price targets across the Street as they refresh commodity price decks and factor in updated views on gold and broader metals markets. Analyst Commentary Street research on Evolution Mining has shifted meaningfully in recent weeks as analysts refresh commodity price assumptions and update valuation models.
EMR
AU$5.66
Emerald Resources
7D
12.3%
1Y
48.2%
HRZ
AU$0.88
Horizon Minerals
7D
-4.9%
1Y
4.2%
NXM
AU$0.046
Nexus Minerals
7D
-11.5%
1Y
-42.5%
PDI
AU$0.83
Predictive Discovery
7D
20.1%
1Y
131.9%
PGO
AU$0.089
Pacgold
7D
-9.2%
1Y
36.9%
SFM
AU$0.28
Santa Fe Minerals
7D
-6.7%
1Y
636.8%
CTO
AU$0.019
Citigold
7D
-5.0%
1Y
n/a

Citigold (ASX:CTO) Is Carrying A Fair Bit Of Debt

Oct 02
Citigold (ASX:CTO) Is Carrying A Fair Bit Of Debt